Deciding to move into aged care is never easy. It’s an emotional time for families and often comes with a long list of questions, from where to live to how to pay for it all. Among the biggest concerns is the financial side, and it’s no surprise why. Aged care in Australia can be complex and costly. But with the right guidance, it doesn’t have to be overwhelming.
Big decisions, big costs
The financial side of aged care is rarely straightforward. There are accommodation payments to consider, daily fees, means testing and sometimes even the question of whether to sell the family home. Add to that the emotional stress of a major life change, and it’s easy to feel confused or anxious.
Each person’s situation is different, and that’s exactly why a one-size-fits-all approach doesn’t work. Making the wrong financial decision at this stage can have lasting impacts, not just on the individual moving into care, but on the family’s finances too.
Getting clear, personalised advice at the right time can make a huge difference, helping you understand your options and make choices that suit your needs.
Avoiding the most common pitfalls
It’s not uncommon for families to act quickly when aged care becomes necessary, especially after a sudden health event. But in the rush to organise care, financial decisions can get made without proper guidance, and that’s where problems start.
Some of the most common pitfalls we see include:
- Not fully understanding how means-tested fees work
- Accidentally reducing access to government subsidies
- Selling the family home when it’s not the best financial choice
- Overlooking the tax implications of asset changes
- Missing out on entitlements like the Age Pension
Every choice, from paying a lump sum to keeping or selling assets, can have a flow-on effect. That’s why it pays to speak to someone who knows how the aged care system works — and who can help you protect what matters.
How the right advice protects your assets and peace of mind
Aged care advice isn’t just about crunching numbers. It’s about making sure the right strategy is in place to preserve assets, minimise fees, and maximise entitlements, all while ensuring your loved one receives the care they need.
An experienced aged care financial adviser will take the time to understand your full picture, including:
- What assets and income are in place
- How aged care costs can be funded
- Which fees apply, and how they can be managed
- What impact different choices have on tax and Centrelink
How to plan for future needs and changing circumstances
The goal is simple, to reduce stress, avoid surprises, and provide clarity when you need it most. This stage of life is emotional for everyone involved. Whether it’s your parent, partner or grandparent moving into care, the decisions you’re making affect your whole family.
Having a trusted adviser by your side means you’re not navigating this alone. It’s someone to explain the process in plain language, talk through the pros and cons, and help you feel confident in your choices.
Often, the peace of mind that comes with good advice is just as valuable as the financial benefits.
Aged Care Financial Planning
At APS, we understand that aged care is more than just a financial decision. It’s about supporting families through one of life’s biggest transitions with compassion and care. Our financial planning team specialises in aged care advice and takes the time to guide you through every step, clearly and personally.
We’re here to:
- Help you understand costs, fees and funding options
- Provide strategies tailored to your situation
- Ensure you’re not paying more than you need to
- Offer support and clarity when emotions are high
- We know how hard these decisions can be. That’s why we treat every client like family – with empathy, honesty and genuine care.
Speak to our financial planning team for clear, personalised advice you can trust.
Written by APS Senior Financial Advisor, Paul Hatzigeorgiadis
Paul has over 25 years of experience in the financial services sector. Over Paul’s history, he has provided advice to an extensive range of clients from wealth accumulators to pre and post retirees, advising them on Wealth Creation, Cash Flow Management, maximising Centrelink benefits in Retirement, Personal Insurances, Debt minimisation strategies and Superannuation. Paul is married with one daughter and enjoys spending time with family and friends. Whether it’s assisting clients to meet their short-term goals or working with them over a longer term, Paul enjoys helping guide his clients with their financial future.